WSX Pro Forex is a relatively new online Forex and CFD broker that was established in 2021. The broker offers access to a range of financial instruments, including Forex currency pairs, commodities, indices, and cryptocurrencies. In this article, we will review the regulatory status of WSX Pro Forex, which is an important consideration for traders looking to invest with a broker.
Regulatory Status of WSX Pro Forex:
Regulation is a critical factor when selecting a Forex broker as it provides assurance to traders that the broker operates in a fair and transparent manner and complies with industry standards. Regulated brokers are also required to segregate client funds and maintain adequate capital reserves to ensure the safety of their clients’ funds.
Upon researching WSX Pro Forex, we found that the broker claims to be regulated by the International Financial Market Relations Regulation Center (IFMRRC). However, it is important to note that IFMRRC is not a well-known or respected regulatory authority in the Forex industry, and its regulatory oversight is limited.
The IFMRRC is an independent regulatory body based in Russia, which aims to regulate the activities of brokers operating in the Forex and CFD markets. While the organization claims to enforce strict regulatory requirements, it is not recognized as a regulatory authority by major global financial regulators such as the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC).
Furthermore, while IFMRRC is supposed to regulate the activities of brokers. It does not have the power to enforce regulatory compliance or impose sanctions on brokers that violate its rules. This means that traders who choose to invest with WSX Pro Forex may not have the same level of protection . As those trading with regulated brokers under the supervision of more established regulatory bodies.
The lack of regulatory oversight from reputable authorities is a significant drawback for traders, as it means that the broker may not adhere to the same high standards of transparency, fairness, and security as regulated brokers. Furthermore, traders who experience issues with the broker may not have access to proper channels for dispute resolution.WVS pro forex
Deposit and Withdrawal Options:
Another important factor to consider when choosing a Forex broker is the availability of deposit and withdrawal options. Traders need to be able to deposit and withdraw funds conveniently, securely, and in a timely manner.
WSX Pro Forex offers a range of deposit and withdrawal options, including bank wire transfers, credit/debit cards, and various e-wallets. However, it is important to note that the broker charges fees for some of these payment methods. Which may be a disadvantage for traders.
For instance, bank wire transfers incur a fee of 30 USD per transaction. While credit/debit card deposits are subject to a fee of 2.5% of the transaction amount. E-wallet deposits, on the other hand, do not attract any fees.
Withdrawals are processed within 1-3 business days, depending on the payment method used. It is worth noting that the broker reserves the right to charge withdrawal fees. Which may vary depending on the payment method and the amount being withdrawn. WVS pro forex
In conclusion, WSX Pro Forex is a new online Forex and CFD broker. That offers access to a range of financial instruments. While the broker offers a good selection of deposit and withdrawal options. It is not regulated by a reputable financial regulator. Which is a significant disadvantage for traders looking for a reliable and transparent broker. Traders who choose to invest with WSX Pro Forex may not have the same level of protection as those trading with regulated brokers. And may not have access to proper channels for dispute resolution. As such, traders should exercise caution and conduct thorough research. Before opening an account with this broker or any other unregulated broker.